Janet Yellen to become first woman to lead the Federal Reserve

Janet Yellen, President Obama's nominee to succeed Ben Bernanke as Federal Reserve chairman, smiles as she finishes testifying at her confirmation hearing before the Senate Banking Committee on Capitol Hill in Washington. A Senate panel on Thursday advanced Yellen's nomination to lead the Federal Reserve, setting up a final vote in the full Senate after lawmakers return from a two-week Thanksgiving break.

Congress has cleared the way for Janet Yellen to take over the Federal Reserve when chairman Ben Bernanke’s term concludes at the end of the month. Yellen, a long-time economist and an advocate of super-low interest rates, sees lowering the American unemployment rate as one of her top priorities.